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, durbin of illinois tad saying nothing should be left off the table in search of budget cuts, and new sources of revenue, the assistant majority leader allowing the changes in the president's signature legislative achievement should be on the table. that's right, obamacare. >> put everything on the table. repeat, put everything on the tail, not just taxes and revenue, but spending cuts and entitlement reform. the only perfect law i know was carried down a mountain by senator moses. lou: what should be positive words for republicans tempered by the fact that senator durbin has no standing as the president's representative in the negotiation, and harry reid is telling a far different stories. john boehner and his caucus, the target, again, of senator reid's blame game. the senate majority leader insistent that republicans are the only onee in the way of the deal. reid asked point blank what the first thing would be, and he offered this curious answer. >> well, remember, we've already done more than a billion dollars worth of cuts. we've already done that. we need to get some credit for
and get the job done. \[inaudible question] >> dick durbin says as talks continue on of this booklet democrats must be open to painful topics, including medicare and medicaid. he was at the center for american progress for about 45 minutes. >> good morning, everyone. thank you for being here. i am the president of the center for american progress. we are thrilled to have senator durbin here today to talk about his views on the fiscal cliff. as we engage in this debate, i wanted to lay out a few principles that are critical as washington becomes obsessed with this set of issues. the elections have consequences. at c.a.p., we have argued that the issues that are really framing the fiscal debate and fiscal cliff were ones that were litigated in the election context. the president did not have one set of conversations before november and a second set now. there was a thread going through the debate that the country was having and that thread was around having a balanced plan to address america's fiscal challenges. there are serious fiscal challenges that we do need long term -- deficit r
back. that was senator dick durbin of illinois who voted for the simpson/bowles plan and today he served on the commission and voted for the proposal. i'll say it again and again even though it includes significant entitlement cuts and he as a democrat doesn't like that. the upcoming december 31st deadline, the so-called cliff, anything from that fiscal cliff to that fiscal slope. liberals are saying to that austerity bomb that progressive people don't like at all. former senator alan simpson proposed a plan to get the united states financial house in order that some say was our best shot at solvency. and avoiding the mess that awaits us come december 31st. senator simpson, it's always an honor. politics, i know you understand the irony of politics, it makes strange bedfellows. i want to try something by you. the president wants a deal. the president would obviously like to include something on revenues. the conservatives may not want to go along with that. but if it will include something on revenues. the best push is coming from people i don't normally side with like tom donohue
, there's also hand wringing over what senator dick durbin said in the speech at the center for american progress and we have this, dick durbin, not what he said but didn't say and preparled remarks he said progressives should be willing to talk about ways to ensure the long-term viability of the social security, medicare and medicaid but those conversations should not be a part of a plan to avert the fiscal cliff and prepared remarks. he didn't say that in the speech. you have a lot of republicans on the -- excuse me, democrats on the left greatly concerned about what will happen to medicare and quite honestly not ready to put that conversation on the table. >> well, i think that's correct. you're speaking about a certain percentage of democrats. i would include in that list bernie sander who is sent out an e-mail blast today saying medicare, medicare and social security should all be off the table. now, in reality, i think social security really can be and should be off the table because it's not a contributor to the federal deficit. it's well funded for decades ahead but if you look a
principles? i was left with the impression that they would. illinois democratic senator dick durbin spoke today at the liberal center for american progress where he said this about the possibility of going off the cliff which fears of this show know is is really more of a curb than a cliff. >> some have called let's go over the cliff and watch what happens. we know if we're not careful, it will in fact stop economic growth and hurt everyone through every income category, particularly those most vulnerable. >> what he did not say is he must not go off the cliff. because the cliff is president obama's and the congressional democrats leverage over republicans. if we do go off the cliff or the curb on january 1st, a republican nightmare will occur. all income tax rates will go up and defense spending will be cut by 600 billion. other spending, some of it dear to republicans, will also be cut by another 600 billion. the fiscal cliff is much scarier to republicans than it is to democrats. so, the president and his allies must continue to make republicans believe they are willing to go off cliff
the road to tout his tax plan. i will speak with lobbyist grover norquist and senator dick durbin about what hangs in the balance next. >>> a small town governor stood up to violence and vowed to keep fighting, but now her dead body has been found. her story when "ac 360" continues. >>> if you department get enough of campaign 2012, stay tuned. we learn that the president will push plan to raise taxes on income above a quarter million dollars a year. he'll be speaking friday at a factory in pennsylvania. some republicans are hinting to limiting deductions even if it means breaking the pledge that the lobbyist grover norquist has been lobbying against for years. joining us now to talk about it all, grover norquist, president of americans for tax reform. grover, thanks very much for coming in. >> good to be with you. >> the trend we're seeing now from members of congress questioning or pushing back on the pledge. we've seen it before to a certain degree, but we're seeing a lot more of it i sense right now. there's a sense this movement is gaining some steam. is this just more of the same,
to the democratic base. yesterday the senate's number two democrat dick durbin went to the liberal center for american progress and argued that in order to be, quote, part of the conversations progressives will have to accept some hard truths. >> we need to be open to some topics, some issues that are painful and hard for us to talk abo about. we cannot stand by the sidelines in denial untouched, unamended, medicare is going to run out of money in 12 years. that is scary. >> but it's what durbin didn't say that was striking. in his prepared remarks durbin was going to say the following. quote, progressives should be willing to talk about ways to ensure the long-term viability of social security, medicare and medicaid, but those conversations should not be part of a plan to avert the fiscal cliff. durbin never said those remarks. he left that out. he later said he stood by those comments, and he did argue that medicare shouldn't be part of any up front down payment on the debt but part of the next year's long longer term negotiation. now while the short term talk to republicans may be toug
he slammed the very sitcom that's made him millions of dollars. senator dick durbin will join us, former governors tim pawlenty and christine todd whitman and recording superstar dionne warwick stops by. "starting point" begins right now. >>> good morning, welcome, everybody. our "starting point" this morning, turning two bucks and a dream into a fortune. maybe. millions of people across the country are hoping to hit tonight's $500 million powerball jackpot. it's the second largest in lottery history. nobody has won powerball since early october so they've rolled it over 16 consecutive times. the lottery official is calculating that there is just a 5% chance that no one will win tonight. if sale surges are expected, as they are. if you do win the cash value stands at $324 million. and the odds, unfortunately, of taking home the jackpot are really, really, really, really, really, really low. 175 million to one. alison kosik is monitoring powerball fever live in new york's times square for us this morning. good morning. >> good morning. you know the odds are pretty clinton but it's
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weeks. megyn: great to see you. dick durbin will talk about income dave repbgsin differentials in this country. we'll talk about it. megyn: some are calling it the scariest prank ever but it also may be the funnist. however, in between the laughs and the gasps are horror there is a real question about whether this brazilian tv show crossed a legal line with its ghost in an elevator prank. watch. ♪ [screaming] [laughter] megyn: everyone here thinks it's funny, but the question is, is it legal? there could be potential liability here, and we will debate it in today's "kelly's court," i'm taking your tweets on it, follow me@megyn kelly in between now and the court. this one is not so funny. off we go to russia and new worries about the world's worst nuclear nightmare. more than 25 years after the meltdown at the chernoble tpaoubg lar plant workers in the soviet republican of ukraine are beginning to build a giant cap over the facility's still dangerously actor. trace gallagher has that story live from l.a. >> after the disaster the first reaction was to try and cap the radiation
. this is what it's all about. the money. who is going to get it? senator dick durbin. a little more specific today. he said progressives, that would be you and me, should be willing to talk about ways to ensure the long-term viability of medicare and medicaid but those conversations should not be part of a plan to avert the fiscal cliff. democrats are prepared to discuss reforms to medicare and medicaid, but not right now. fox news tried to get budget committee chair member congressman chris van hollen to agree to the changes. van hollen stood firm. >> if you prolong the program, people are living longer, isn't that age outvoted? >> there are a lot better ways to have doing it? >> you're not willing to change the age? >> no. because there are much better ways of dealing with medicare costs. >> it's just so heart warming that somebody on fox news thinks i'm going to live a little longer. social security is off the table. white house press secretary jay ke kearney kiss missed any changes saying it's not, it is not the driver of the deficit. this is a step in the right direction for more than 5
, it is offered up now, dick durbin is still talking about how they call it reform. they're cutting it, cutting it, cutting medicaid, unquestionably, that has been offered every single time and they'll cut it. they are going to lower corporate taxes. the president agrees as i just showed you set in stone, they are going to lower corporate taxes. then, they're also going to cult the home mortgage deduction. there are some open questions about that including the home mortgage deduction. what's still on the line? this morning as we're cooking this segment up, i put up social security, something i've been talking about a long time. we don't know if they're going to cut social security. that's less clear than medicare and medicaid. good news on that front today dick durbin coming out and saying the house democrats and inoperable president obama told republicans social security for the purposes of this negotiation is off the table. if they go back on that, it will be nuclear. ok? so that's -- it looks like hey we might have saved social security, great fighters like bernie sanders fought really hard to
, stabenow, cantwell, schumer, durbin, mr. johnson of south dakota, bennet, blumenthal, whitehouse, and collins be add as cosponsors to my amendment number 2985. the presiding officer: without objection, so ordered. mr. udall:man, i yield the floor. -- mr. president, i yield the floor and note the absence of a quorum. the presiding officer: the clerk will call the roll. quorum call: quorum call: the presiding officer: without objection, senator from michigan is recognized. mr. levin: i ask for the yeas and nays. the presiding officer: is there a sufficient second? there appears to be. the clerk will call the roll on the amendment. vote: vote: vote: the presiding officer: are there any other senators in the chamber who desire to vote or to change their vote? if not, the yeas are 62, the nays are 37. the amendment is agreed to. a senator: i move to reconsider. the presiding officer: without objection, so ordered. the senator from michigan is recognized. mr. levin: mr. president, i would now ask unanimous consent that we proceed to consideration of an amendment by -- amendment numbere
dick durbin was over at the senator for american progress yesterday and he made it very, very clear that when the word entitlement reform is used or the phrase, there's one thing it should not include. here's senator durbin. >> i think we should take social security off the table for the current fiscal cliff and deficit discussion but be very honest about what we're going to achieve in the near term. i think we should create the equivalent of a simpson bowles commission for social security and give them eight months to a year, a directive to come up with a plan to buy 75 years of solvency for social security. >> bill: social security is really a different issue isn't it? >> absolutely. it is. i would agree with senator durbin absolutely. i'll give you a reform in medicare i think democrats would support. and that is looking at prescription drugs. and making it more competitive. >> bill: amen. >> or really crackening down on the fraud that takes place through the medical devices which is not with individuals c
will speak with lobbyist grover norquist and senator dick durbin about what hangs in the balance next. mom? dad? guys? [ engine turns over ] [ engine revs ] ♪ he'll be fine. [ male announcer ] more people are leaving bmw, mercedes and lexus for audi than ever before. take advantage of exceptional values during the season of audi event. he's going to apply testosterone to his underarm. axiron, the only underarm treatment for low t, can restore testosterone levels back to normal in most men. axiron is not for use in women or anyone younger than 18. axiron can transfer to others through direct contact. women, especially those who are or who may become pregnant, and children should avoid contact where axiron is applied as unexpected signs of puberty in children or changes in body hair or increased acne in women may occur. report these signs and symptoms to your doctor if they occur. tell your doctor about all medical conditions and medications. do not use if you have prostate or breast cancer. serious side effects could include increased risk of prostate cancer; worsening prostate symptoms;
, a wealthy state. i spoke with senator dick durbin two weeks ago, and we were talking about a compromise, if there was a way to raise the money from the wealthy that the president wants to get from raising tax rates on people or households making over $250,000, whether there was another way to do it. here's another clip of that. >> -- did an analysis saying you could cap deductions at $35,000 and have the estate tax go back to where it was and you get $1.3 trillion. you cap deductions at $25,000 and you've got $1.3 trillion. i'm simply making the point, there's a lot of ways to get there that don't involve raising tax rates, is that a compromise you'd ever consider? >> erin, you're exactly right. but i think what the president's trying to say is let's protect working families. those making less than $250,000 a year, no tax increase for them. we can do it either through the rates or through the deductions in the code, you've given a good illustration. >> and what do you think about that senator warren. durbin making it clear he's -- there's a lot of different ways to get there. would you
to make sure they go up now. dick durbin, number two senate democrat and close to the white house and gave a speech yesterday about the entitlement aspect. medicare, medicaid. the entitlement aspect and basically said we don't want entitlements to be part of the immediate talks january 1st but think as democrats they should be part of longer terms talks for next year. i'm just wondering, is there a sense from the white house among democrats of what it is they're prepared to give in on on terms of entitlement? >> not enough to satisfy the republicans, this's for sure. they say up here they have seen nothing. unfortunately, the few people who are beginning to even talk about the need for eventual compromise like a tom cole, like a dick durbin are quickly getting smacked down here, particularly on the republican side. that congressman just got a spanking from john boehner in front of his caucus today so there's -- doesn't seem to be any movement in that direction. i was at a breakfast with bowles and simpson this morning and erskine bowles saying he think there is's a 1 in 3 chance of this wo
is a cave caveat, senator dick durbin is taking a hard line approach. quote, we can't be so naive to believe that just taxing the rich will solve our problems and put everything on the table, repeat. everything on the table. and that's the left of center dick durbin. yesterday, t was taxes, today, there's entitlements, tte impasse continues as we countdown to that deadline. next case, china, clearly the number one world's polluter and criticizes us for not doing enough about climate change, a global carbon tax could be coming, are we going to have to pay? we'll talk to a leading environmentalist after the break and of course, we will have the opening belfour you next. bell for you next. >> all right, just a few seconds away from the opening bell. the futures suggest we're going be to be down nearly 40 points. of we have this fiscal cliff and it's a deadline, the tax increases and more huge spending cuts it seems like the two sides are on impasse it looks likes it's shifted to entitlement reform or cuts and no serious movements in the negotiations and check the big board, the opening trendd
take the high ground. i thank senator kerry, senator mccain, senator lugar, durbin, barrasso, coons, tom udall, moran, and many others and especially senator harkin, who is the father of the americans with disabilities act, for leading the way on this issue. with their help, i hope we can quickly ratify this treaty. mr. mcconnell: madam president? the presiding officer: the republican leader. mr. mcconnell: over the past few weeks americans have rulely started to focus in on the debate we're having in washington about how the two parties can work together to prevent a short-term economic crisis in january and an even bigger january crisis later on. so it may come as a surprise to many to see that with just a few weeks to go before a hard deadline on solving the short-term issue, president obama has decided to hit the road -- hit the road this week to drum up support for his favored approach. it's hard to believe really. i mean, every week he extend spends campaigning for his ideas is a week we're not solving the problem. it is completely counterproductive. the election is over. he w
dick durbin generally considered on the left of his party, he's saying, nobody should be so naive as to believe that just taxing the rich will solve our problems. he's telling the left that entitlement cuts must be part of any deal. that put him outside of what i have been hearing from the unions, mainstream democrats and the president. maybe that is a slight chink in the democrats' armor, if you like. maybe they will consider entitlement cuts. maybe he means next year after you work out tax changes now. bill: that's the way i heard it. get the changes before the first of the year then worry about reform in the coming year. on top of that there is a debt ceiling issue to tackle. steve forbes said go ahead and get a 90-day extension, take it into 2013. >> can you put together a complex agreement dealing with tax, spending cuts, debt ceiling, can you do all of that in a mere 30 days or do you take the steve forbes route, kick the can down the road. i'm not sure the vote terse would tolerate kicking the can and not dealing with it again. thank you, stuart. martha: you have got senate
're making my point. where is the conversation about cutting, dir dick durbin, harry reid? >> the president sold a lie. the lie is you can have these goodies and it will be paid for if you tax the rich for more. that's economic nonsense. i want to give you one number. the unfunded liability of medicare, one entitlement program, is $42 trillion. that's money that we've got to shell out in the future, which we do not have. are you going to tell me we could tax the rich? >> i am not telling you, but this is what i'm saying, that the tax reform and entitlement reform should and could be a bigger part of this conversation, however to focus on the republicans now at this point i think is chasing a rabbit down a hole. it is not the republicans' responsibility to come up with a plan. president obama won fair and square. he's the won who needs to persuade america that the policy is right. >> sean: we have the exact same situation as we had before. all this money was spent, all the arguing over -- >> the house passed all sorts of bill to improve the economy in the last congress. you don't get anywher
the country that mobilize to try and stop cuts. the number two senate democrat, dick durbin, says he'd be open to look at entitlements, but not part of the fiscal cliff talks. here is the senate majority leader's view. >> at the meeting we had that i mentioned with president and the four leaders, president obama said that social security is not part of what is what we're going to do in this. i agree with him. and there are things that i personally believe there are things that we can do with entitlements that don't hurt beneficiaries. >> but if you have each side starting to take things off the table, it makes you wonder if at some point if gets harder to make a deal. shep. >> shepard: mike emmanuel on capitol hill. the white house and president obama will be making their case to regular americans this week. republican leaders say he should be negotiating, not campaigning. he's not the only politician planning a fiscal cliff road trip. we'll go to the white house and the fox report coming up in a bit. first, hours ago, more than 200,000 people crowded into the central square in cairo to call f
democrats like rockefeller, dick durbin and others saying hey, we better not touch entitlements. mr. president, you better watch yourself because we won the election. let's focus on those taxes on the rich. let's deal with entitlement down the line. that scares me. that is unrealistic. it goes against what we heard the president of the united states say. >> dana: when it comes to the math, do the math, they have a good opportunity in front of them. >> we heard senator reid said when asked he couldn't name any of the cut the democrats are willing to offer in the fiscal cliff negotiations. he said, "we need to get credit for cuts previously made." this is today. the cut previously made. i'm scratching my head to figure out what cuts the democrats made prior that they want credit for. if they did make credit cuts why did we run up four more years in a row? start fresh right now. talk about cuts and then talk about how are we going to raise revenues. >> eric: what would -- >> dana: what would harry reid mean by that? get credit on cuts they made. on what? >> bob: that is a $60,000 quest
with dick durbin who came on the show because eric said, okay, we'll do deals on taxes, but you brought up capital gains tax, no. carried interest, no. raising the actual marginal rates, no, we don't want to do that yet when he left we got calls from democrats saying does he really want to make a deal? >> i got two yesterday that -- >> i got e-mails from democrats going wow, he sounds like he wants to make a deal. one senator said did he really mean what he said? considering that he said nothing, yeah, i guess so but it was the tone then yesterday dick durbin came on and we had to basically stop asking about medicare about three or four minutes in because it was nonsensical talking about creating new programs. but this is a guy that also supporting simpson bowles and let us know like eric, we'll make a deal and figure it out. >> both sides at various times tells you something about recent history. you think about where republicans were a year and a half ago, where their attitude was, no, we will not discuss revenues, not one penny, ever, ever, ever so for cantor to say, of course, we'll di
, with the promise of cuts to programs like medicare later. on tuesday, senator dick durbin flatly declared entitlement reform should not be on the table. yesterday, top white house officials also met with leading liberal groups, from labor unions to moveon.org. with one attendee telling the "washington post" they expect the taxes to go up on the wealthy and to protect medicare and medicaid benefits. they feel confident they don't have to compromise. pressed today on whether the spending cuts are kicked down the road, white house spokesman jay carney was noncommittal. >> you are not having any spending cuts now. you want to do spending cuts next year; is that a fact? >> no. it's not a fact. these are all parts of aspects of the conversations that are ongoing. >> some republicans are pushing boehner an other leaders to accept an extension of the middle class cuts to avoid the white house blaming them for crash over taxes on the rich. >> everybody is waiting for schedule to go up. unless we fix that paradoxically. president obama becomes defender of the bush tax cuts for 98% of the people. he
things to be noted. dick durbin gave the encouraging quote. everything should be on the table. we have to get ourselves out of i had to read it three times because he is number two ranking democrat. and i read behind the scenes, it is a disaster in terms of negotiations moving forward . the word they are using is pathetic about the lack of progress. >> steve: logger heads. >> gretchen: which is what i am talking about. this is the quote that steve hayes brought up on the special report on fox news. when president obama was first elected he talked about how to bring down the deficit and campaign promise to cut it in half and he would do it by focusing on entitlement reform. >> steve: there is the national debt right now. >> gretchen: why doesn't he bring the people to the table and say dick dishin. let's put it all on the table and let's talk about them instead of going out on air force one and getting people to use twitter >> chris: the american society of pensional they have a warning called. if congress does change yourr tax rate, there is a possibility that you might have big change
insurance. so we need to find ways to reserve these programs. >> senator durbin is suggesting the debate over the entitlement programs should be waged after the new year once the fiscal cliff issue has been settled. >>> six minutes past the hour, new storms rolling into the northwest this morning. and that could cause dangerous flooding. alexandra steele is live in atlanta for us. what's going on? >> hey, good morning to you guys. we've got one storm that's gone and one storm that's a massive storm incoming. so let's start with this, all you guys in new york city had snow, for sure, but right now we certainly don't. this has all moved offshore. this was just the rain, but what was left behind? actually black ice there this morning. places like new jersey, six inches of snow. chester, new jersey, five. you can see sunbury, pennsylvania, three. 2 1/2 in mill brooke. the hudson valley and portions of connecticut are seeing black ice as a factor. take it slow, especially the elevated surfaces with temperatures so cold. story number one. story number two, a mammoth storm, this is the water va
, democratic senator dick durbin of illinois urged liberal groups to give way on their opposition to changes in medicare and medicaid. >> we cannot standby on the side lines in denial that this is ever going to engage us in the things that we value. we can't be so naive to believe that just taxing the rich is going to solve our problems. wlook to reform and change that is significant, that preserves many of the values and programs that brought us to political life. >> brown: for his part senate page ontario leader harry reid declared himself extremely hopeful even as the end of the year and the end of the current congress rapidly approach. as this debate has unfolded we've been sample ago variety of voices of on what should be done. tom price of georgia is chairman of the republican policy committee. democrat keith ellison of minnesota is co-chair of the congressional progressive caucus. i spoke with them a short time ago from the cannon house office building. congressmen, welcome. congressman price let's start with taxes because there's been much talk in recent days about whether your party
have people, thoughtful members like my old bass, senator dick durbin, saying that everything is on the table but without being specific about it, because they'll do that behind closed doors as they should, frankly. so, yes, i think the left has a tacit sort of acknowledgment that, yes, in fact, there are going to be some painful things that we have to swallow on the left-hand side of the aisle. we should. if the right's going to separate increases, we should accept certain things like testing, et cetera, because at the end of the day this is about compromise. this is also very much, thomas, about the president's ability to show leadership. you hear the republicans harp on and on about obama not showing leadership. they did it before the campaign, during the campaign, and now they're saying, mr. president, we need you to show some leadership. accept tax rate increases without forcing his own party to accept other things on our side. both sides have to share the pain to get the budget balanced and promote this theory of economic fairness. that's what he's doing out there. >> co
it takes it in for 75 years unless we strengthen it. >> brown: majority whip dick durbin answered that social security isn't the issue; it's medicare and medicaid. >> social security does not add one penny to the deficit. it's an important program, a critical program. let's take care of it in the future. let's do it separate from the debt debate. medicare is another story. medicare has 12 years of life left and let me make a point of saying it has eight of those years because of president obama's leadership. >> brown: white house officials said the president will send treasury secretary timothy geithner and legislative chief rob nabors to the capitol tomorrow, to meet with congressional leaders. >> warner: online, we have a primer explaining how the fiscal cliff might affect you. still, to come on the "newshour": debating palestinian status at the u.n.; reading the fine print; tackling immigration reform and re-purposing digital data gathered during the campaign. but first, the other news of the day. here's hari sreenivasan. >> sreenivasan: wall street tracked the ups and downs of
. i think we're done. >> after durbin speoke yesterda, if you're going to get a blueprint, he doesn't want entitlements be part of it for next year. >> it's the 1,000-point solution. maybe that will change their mind. durbin said no. norquist is saying no tax increase. what else is there? am i missing something? what am i missing? blankfe >> stallen made a lot of sense. mass murderer about you doesn't mean he didn't make sense. >> blankfein, kent, mayer, roberts of comcast. is there anything these guys can say to change their tune? to get people -- >> we're just past thanksgiving. let's give it a little time. things can change. we've seen lots of back and forth. everybody is establishing their negotiating position. there's still a negotiation to come in some way. i'll take the optimistic view. >> maybe that's where they are starting from. >> a reset button? >> we have yet to get in there and see whether in fact there can be the ability to knock heads around and really figure something out here from the executive, the chief executive, that being the president and the leaders of both
. >> dick durbin says when you're talking about entitlement reform or cuts in spending for medicare, medicaid for example, he says that's too complicated now. listen to what he said this morning. >> when it comes to medicare, we know that it's going to run out of money in 12 years. whatever changes we want to make should be thoughtful changes not made in the heat of the fiscal cliff. >> can you defer medicare for example -- medicare reform until after you get a deal on the fiscal cliff? >> well, if we do that, wolf, i think what you have to do is also defer the issue of taxes. i think you extend tax rates some time into the foreseeable future whether that's six months or a year and allow us to go through the process where we can deal with entitlement reform and tax reform in regular order. i don't see republicans supporting something up here that deals with taxes that doesn't have entitlement reform incorporated into that. so i think right now we're a little bit of a standoff, but the way to solve this would be of course to extend the existing tax rates which is by the way something
for that in these negotiations that take place. >> senator durbin said he thinks that president obama won't include a deal - [inaudible] >> first of all, the debt ceiling. we would be foolish to work out something on stopping this from going over the cliff and then a month or six months later the republicans pull the same game as they did before and say we aren't going to agree to increasing the debt ceiling. i agree with the president. it has to be a package deal. what was your other question? [inaudible question] >> there are things we have already taken care of, the first of april and take a look at that stuff. that's not essential. [inaudible question] >> we can't do anything with the disaster aid package and i'm told it will be tomorrow or the next day. [inaudible question] >> republican, ok. you said what's holding it up? i said republicans. talk to the republicans. it's up to them. [inaudible question] >> i have said on a number of occasions the internet poker bill can move forward if we get 15, 17 republican votes. this stage, we have gotten none. >> you talked to the president over the weekend.
distance between republicans and democrats on this issue right now. >> stephanie: senator durbin said this yesterday. >> we're not going to find ourselves in some big party and then turn around and have a doomsday scenario as a debt ceiling. >> stephanie: are we or are they going to do some temporary fix and kick the can down the road? >> caller: well, i hope the debt ceiling is a part of it. the spending cuts, the across the board cuts, the so-called sequester, i think that will get kicked down the road. right now we can't afford to have significant reduction that will impede the economy. i think we need to take a little bit more careful approach to those kinds of cuts if we're going to talk about 1 trillion-dollar over ten years. so i suspect that can will get kicked down the road, but the tax rates really should be dealt with right now. they're easy to deal with. the debt ceiling should really be, that's one of those other things we can create a crisis unnecessarily. this country is not going to basically deny it's debt. >> stephanie: right. >> caller: so anyway, i think we can do
or the economy. > a tough white house ally, nglinois senator dick durbin argued against using fiscal cliff pressures to scale back paidare and medicaid benefits. >> these are people that have paid in over a lifetime into protectecurity and medicare and fully expect the protection bech they've invested in to be that'snd it has to be there. republicans anyblicans are demanding in any fiscal cliff deal. o raisew never to raise taxes on the w o entitlement programs now gobbling up more than 60% of annual federal spending. that means the white house to dough if i liberal democrats or >> the p enrage republicans. ted to thesident is very committed to the proposition itht we can deal with these challenges if we come together oach.dopt a balanced approach. >> i may sound glib what i'm about to say but this white house is really serious about an issuewhen it goes to twitter. anew white house hash tag on preserving the middle class tax preserving. that's $2,000, average amount that taxes would rise if the bush era texas cuts are not ttended. eek white house plans to hammer its issue all week, believ
the democrats saying they don't want to see any entitlement reform. >> but durbin, where did he come from? >> that's what i mean. >> i'm trying to figure out -- trying to see his personal situation. where did he find religion all of a sudden? he's an obama ally and suddenly he's talking -- are you looking at all these things very specifically? looking at the fix and option action. you can tell from the market. >> the most aggravating thing is that we're sitting here talking about the government and what the market is going to do as a function of what the government does. if you look at the volatility markets, i think it's incredibly interesting. the market is being very rational. the vix is really a function of liquidity. liquidity in the system is incredibly stable. the markets are -- that will significantly drive higher levels, if you look at ted spreads and where bank funding is. that's the real significant spikes index, so you need to be careful to hedge your portfolios right now. but right now, the markets, the s&p markets are really pricing in a very range bound market through janua
he could engage me on that. as you all know, friends of dick durbin and friends of the former first president bush, they were virtually whitewashed out of e-- out of the picture in that period of time include big the first president bush's son, which i owls thought was sort of sad because i've come to admire the service of president george h.w. bush. so that bit of reminiscence, i'll just turn it over but i do think, i agree that it's harder now, hard for me to see something serious coming together except for the fact that something has to happen, and i feel a little more optimistic than i did preelection but we can talk about why that is. >> before joe, i wanted to jump in. i forgot to mention the most important part of joe's resume, he's also an adjunct professor at george mason university. >> i was just about to correct you on that, paul. thank you, jackie. that was interesting. never sat at a dais before, especially not in the chairman's seat. this is pretty cool. let me try to give you -- i have 12 lessons that i've wren down but i should note at the outset i was not at an trus
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